PERTH: The Australian sharemarket has retreated further at noon, with financial stocks leading the market lower on global economic concerns.
At the 12.05pm (AEDT), the benchmark S&P/ASX200 index had fallen 54.1 points, or 1.06 per cent, to 5065.4 points, while the broader All Ordinaries had declined 53.1 points, or 1.03 per cent, to 5127.2 points.
The benchmark had opened 0.65 per cent lower on rising concerns about China’s economy after trade data there disappointed and ahead of its release on inflation today. Also dampening sentiment is the view that the US Federal Reserve will lift interest rates soon despite the economic rumblings abroad.
IG market strategist Evan Lucas said the bourse was returning to an inflection point seen at the end of September, with “bottom buying” set to return but at an unknown time.
